Omega Healthcare partially draws on revolving facility

By Wendy Van Sickle

Columbus, Ohio, March 27 – Omega Healthcare Investors, Inc. partially drew down on its revolving credit facility as a precautionary measure, according to a news release.

Additionally, the company said it entered into $400 million notional amount of interest rate swaps at an average swap rate of 0.8675% that expire in 2024, which provide the company with cost certainty upon refinancing of its 2023 bond maturity.

As of Friday, Omega said it had about $315 million in cash on its balance sheet and $738 million in availability under the credit facility.

The company said it has been notified to date of 57 confirmed cases of Covid-19 in its facilities, including 42 residents and 15 employees in 28 facilities.

Omega is a Hunt Valley, Md.-based real estate investment trust focused on the long-term-care industry.

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